Agenda - 10-18-2005-7a - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: October 18, 2005 Action Agenda Item No. 7`Q SUBJECT: Certificate of Achievement for Excellence in Financial Reporting DEPARTMENT: County Manager PUBLIC HEARING: (Y/N) No ATTACHMENT(S): Certificate INFORMATION CONTACT: Rod Visser, 245-2308 PURPOSE: To recognize the staff of the Orange County Finance Department for earning the Government Finance Officers' Association (GFOA) Certificate of Achievement for Excellence in Financial Reporting for the fiscal year ended .June 30, 2004. BACKGROUND: The GFOA is the recognized international organization providing guidance and support to local and state government finance professionals throughout the United States and Canada, The GFOA's Certificate of Achievement recognizes excellence in the preparation and presentation of annual audits and financial reports, The purpose of the certificate of achievement program is to encourage and assist governmental units to prepare financial reports of the highest quality far the benefit of citizens and other parties with a vital interest in a unit's finances. During the half century the program has operated, it has gained widespread recognition as the premier indicator of excellence in governmental accounting and financial reporting, Its attainment represents a significant achievement by a governmental entity and its financial management team, The Orange County Finance Department has been awarded the GFOA Certificate of Achievement every year since 1982, To earn the certificate of achievement for excellence in financial reporting, the County's financial statements had to substantially conform to the program's demanding criteria, which go well beyond the minimum requirements of generally accepted accounting principles. Each year, the eligibility standards and expectations for the award become more stringent, Finance Director Ken Chavious and his staff are commended for their ability to consistently maintain the high standards embodied in the attainment of this annual award. Out of all units of government in North Carolina, less than 300 received the certificate of achievement for the fiscal year ended June 30, 2003, 49 of the 100 North Carolina counties received the award last year, 2004 figures for North Carolina local governments are incomplete at this time. FINANCIAL IMPACT: None. RECOMMENDATION(S): The Manager recommends that the Board recognize the Finance Director and his staff for their attainment of the GFOA Certificate of Achievement, and present to them the plaque provided by the GFOA,